Bank Of Cyprus Grants EUR23M Credit To Romanian Project Colosseum

05.04.2011 By Andrei Circhelan

Bank of Cyprus granted credit worth up to EUR22.8 million to Nova Imobiliare, developer of the Colosseum shopping center in Bucharest, on top of a EUR26 million loan approved in February.

The Colosseum project, requiring an investment of some EUR350 million, will have a total surface of 190,000 square meters and it will include a mall, a 480-store retail park and 10,000 parking spots.

Both loans will be used to finance phase one of the project, namely the construction of a 53,000-sqm retail park, which will include a Carrefour hypermarket and the first Romanian store of DIY chain Leroy Merlin. The park is set for launch in September 2011.